Chinese robot makers are heading towards a debt-filled crisis as the increasingly overcrowded market for automated machines reaches overcapacity.
Dozens of Chinese cities have opened industrial robotics parks in recent years in an attempt to place themselves at the forefront of the industry.
The parks are largely funded by a local government finance vehicle (LGFV), a state-sponsored program that offers money and a raft of other incentives for firms that want to set up there.
The LGFVs, which can be worth hundreds of millions of dollars, are financing rapid infrastructure growth – some needed, some not – and are rapidly boosting China’s already…
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